In early February I tried to close two accounts with RBC Wealth Management. It took four months before I received the funds from these accounts. Meanwhile, RBC took it upon itself to close an account that I had not asked to be closed and they never informed me that they had closed this account. Furthermore, it took four months for funds to be received on this account as well. These facts are not in debate.
Early on during this service debacle I informed RBC not once, but twice, that funds had not been received. On both occasions RBC completely ignored my pleas to sort this matter quickly and easily.in fact, only with the help of FINRA did RBC finally ensure that I received the funds which were rightfully mine.
I am asking RBC for compensation, not to prosper from these events, but in the form of a $500 donation to a children%u2019s charity. RBC, although admitting fault, has refused my request for compensation.
There are three principle reasons why I believe RBC should do the right thing and pay this compensation.
First, because my time is valuable and I had to waste a lot of it during four months to get RBC to do something that should have taken two weeks. And further time when I realised that they%u2019d closed an account that I hadn%u2019t requested to be closed. They should respect me as a customer and an individual enough to make a goodwill gesture to compensate me for my time.
Second, if the situation had been reversed and I owed RBC $9,000 for four months I have no doubt whatsoever that they would be chasing me for penalties, charges, fees and interest. If I told them what they told me: %u2018Sorry about the delay, but I%u2019m a great guy, all my other bankers think so, but on this occasion I just wasn%u2019t so great, so go away%u would they really stop chasing me for all those penalties, charges, interest, etc? Certainly not.in fact, the meter would be running ever-higher every second I did not pay them.
Third, RBC goes out of its way to seduce consumers with messages of customer service and care and the character of the organisation. The front page of their website says: %u201CChoose RBC Wealth Management
When it comes to helping manage your wealth, our character counts. For decades, we%u2019ve earned a reputation for putting clients first.%u201D (https://www.rbcwealthmanagement.com/usa/index.htm).
The RBC corporate website also goes further with a full section on vision and values: http://www.rbc.com/aboutus/visionandvalues.html.
Shouldn%u2019t a bank, this bank, be obliged to actually live up to its promises? What right do they have to lure consumers in with promises that they then abandon under the slightest pressure? Do they really believe that they put the customer first in this case? Did they put me first by ignoring me when I told them that the funds hadn%u2019t arrived? Where is the character in denying children a tiny amount of money as a gesture of goodwill?
This bank is keen to run roughshod over its customers. They believe that if they say %u2018whoops-but-we%u2019re-great-have-a-nice-day-goodbye%u2019 that consumers should be happy with that. RBC doesn%u2019t like me because I have had the temerity to point out their deficiencies, but that doesn%u2019t mean they shouldn%u2019t make good on their promises.
Sadly, they have no respect for their customers. They do what they want (closing accounts when not asked to), when they want (money takes four months to arrive), in whatever manner that suits them (ignoring me when I pointed out that funds hadn%u2019t arrived). This cannot be the correct way to behave. Consumers shouldn%u2019t have to put up with this type of nonsense. RBC must be held responsible for their actions and held to account for the promises they make to consumers.
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